Owen Lau

Said yes, the divergence continues by design, while insisting platform growth is not cannibalization even as migrations increase.

Deflected timing to the GSEs and pointed to nonconforming adoption, without addressing the UltraFICO 2 or FICO 11 dependency.

Lansing had no information on pilot LLPA grids, noting the process appears to be manual.

Lansing made a detailed case: fair lending laws require explainability that AI black boxes cannot provide, CFPB shut down Upstart's experiment, FICO has 137 AI patents including explainability, and 10T is already more predictive than alternatives.

Lansing confirmed larger deals are becoming more frequent, not one-off. Weber added FY26 ACV bookings expected to be significantly higher than FY25 with strong pipeline and momentum.

Lansing argued an APR cap would increase demand for credit risk assessment on the margin, and any shift to personal lending or BNPL would also use FICO Scores.

Lansing clarified the Xactus deal is a multiyear collaboration but pricing is set annually for 2026, preserving annual repricing flexibility.

Lansing noted no precedent exists for lender switching, implicitly reinforcing the stickiness of FICO's position.

Lansing stated no VantageScore share gains in any non-mortgage vertical over the past decade-plus of competition.

Weber described modest expense increases with no material step functions, with FICO World adding $5-6M in Q3.

Weber confirmed strong pipeline but cautioned on inherent quarterly volatility given small number of large deals.

Lansing deflected, declining to share rate cut assumptions and redirecting analysts to form their own estimates.

Lansing argued FICO Platform decisions occur at C-suite level and represent strategic investments, limiting budget pressure impact versus commodity software.

Armstrong called early traction encouraging and said US access is on the road map, but named no further companies and gave no timeline.

Haas pre-empted the leverage question by confirming the Circle renewal outright; Armstrong then framed Onyx USD as consistent with being a multi-stablecoin platform.

Alesia could not give a specific U.S. timeline but noted Deribit integration progressing, with plans to unify spots, perps, futures, and options on a single platform.

Alesia detailed capital deployment: $1.7B buybacks, 10 acquisitions in 2025, doubled Bitcoin holdings. Emphasized 12 consecutive quarters of positive adjusted EBITDA enabling continued investment through cycles.

Brian described crypto-as-a-service growth to 264 institutions. Alesia added the vertically integrated payments stack (Base + USDC + APIs) and strong SMB traction with 1,000 onboarded and 1,000 waitlisted.

Paul Grewal explained the single-license benefits: reduced compliance costs, follow-through on President's Working Group report. Noted the commitment to formal rulemaking through SEC Crypto Task Force.

Brian articulated a vision beyond crypto brokerage: primary financial account spanning trading, payments, and tokenized assets. Declined interest in backward-looking TradFi integration.

Brian credited trust and brand, framed competition as TAM expansion rather than zero-sum. Alesia added that Q1 started strong and long-term share gains come from asset additions and UX improvements.

Andy said Q1 reflected lower BlackRock floors while Q2 fee compression was mostly mix shift toward lower-fee developed-markets ex-US and all-country products.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Management addressed the question with specific commentary.

Adena described tokenized-collateral on Canton as a proof of concept, to be monetized later as a Calypso upsell module.

Friedman confirmed DTCC targeting first tokenized equity trade before end of 2026 with collaborative testing planned mid-year. Expected to be early phase by year-end to ensure end-to-end seamless operation.

Friedman emphasized Nasdaq's core mandate to aggregate liquidity not fragment it. Blockchain-native equity trading currently lacks technology for Nasdaq-scale message traffic and latency. Netting efficiency must be preserved as tokenization is introduced.

Friedman framed tokenization as investor choice expansion rather than disruption of existing market structure. Tokenization creates streamlined payment infrastructure and post-trade efficiency. Well-partnered with DTC on implementation.

Friedman framed tokenization as a technology rather than competitive threat, noting NPM already facilitates similar structures via SPVs. Nasdaq focused on liquidity, transparency and integrity.

Friedman noted Q1 IPOs doubled YoY but larger deals waiting for less volatility. No change in foreign company conversations due to tariffs, Nordic markets also seeing good demand.

Friedman attributed deceleration to tough Q4 2023 comps for Calypso plus deal timing, noting ARR excludes contract ramps and expects AxiomSL/Calypso within mid-teens outlook.

Martina cited the roughly $600 million private markets revenue base and named private credit indices and Cambridge Associates and Mercer datasets.

Martina confirmed subscription-based model for Titan and described CERAWeek as an effective launch platform with hard launch later in the year.

Martina covered private markets across divisions: Ratings strong private credit positioning with potential hyperscaler channel, Index working with MI on Cambridge Mercer data, MI seeing early With Intelligence cross-sell momentum. Beta for Cambridge Mercer launched Q4 with positive feedback.

Martina minimized pull-forward narrative, emphasizing strong CARFAX performance and progress toward 100 million customer target. Cited tough H2 comps and some manufacturing hesitancy as factors.

Explained non-transaction revenue growing mid-single digits bridges flat issuance to 0-4% ratings revenue. Eric confirmed Ostra proceeds of ~$1B after-tax will fund additional buybacks.

Martina outlined three categories: customer sentiment data, Chief Client Office enthusiasm generating new pipeline, and division teams leaning into senior-level engagement.

Heuland clarified guidance targets the low end of high single-digit range, with transaction revenue decline creating about 1pp drag. Recurring revenue growth typically accelerates in the second half.

Noémie cited two drivers: transaction revenue growth and significant multi-year technology investments enabling operating leverage. Ratings analysts equipped with automation tools to focus on committees and issuers rather than administrative tasks. Continuing to invest in analytical staff, private credit capabilities, commercial efforts, and methodology groups.

Noémie cited Research Assistant plus platform enhancements (search precision, earnings calls, news integration). Rob described tiered AI adoption: large banks pulling data into their orchestration platforms, mid-tier banks getting AI through CreditLens.

Rob declined to disclose revenue model but described strong inbound interest from pension funds, long-only investors, and insurance companies. Vision includes building benchmarks, research, and indices over time.

Noémie attributed gap to declining transactional revenue and FX. Rob noted Research Assistant driving 25% of R&I ARR growth with weighted sales pipeline double FY2024 total sales.